$LQDA
Liquidia Corp

2023 Q4 Form 10-Q Financial Statement

#000155837023017842 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $4.531M $3.678M
YoY Change -71.57% 16.21%
Cost Of Revenue $993.0K $570.0K
YoY Change -65.27% -22.97%
Gross Profit $3.538M $3.108M
YoY Change -72.94% 28.16%
Gross Profit Margin 78.08% 84.5%
Selling, General & Admin $17.15M $10.56M
YoY Change -47.1% 57.31%
% of Gross Profit 484.6% 339.77%
Research & Development $12.81M $7.440M
YoY Change -34.1% 64.89%
% of Gross Profit 361.98% 239.38%
Depreciation & Amortization $506.0K $510.0K
YoY Change -10.6% -54.79%
% of Gross Profit 14.3% 16.41%
Operating Expenses $29.97M $7.440M
YoY Change -42.19% 64.89%
Operating Profit -$26.44M -$14.89M
YoY Change -31.81% 68.62%
Interest Expense -$1.014M $1.761M
YoY Change -18.75% 184.03%
% of Operating Profit
Other Income/Expense, Net -$899.0K
YoY Change 244.44%
Pretax Income -$27.45M -$15.79M
YoY Change -33.07% 73.67%
Income Tax
% Of Pretax Income
Net Earnings -$27.45M -$15.79M
YoY Change -33.07% 73.67%
Net Earnings / Revenue -605.83% -429.31%
Basic Earnings Per Share -$0.24
Diluted Earnings Per Share -$0.42 -$0.24
COMMON SHARES
Basic Shares Outstanding 64.91M 64.74M
Diluted Shares Outstanding 64.86M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.68M $76.20M
YoY Change -10.3% -22.5%
Cash & Equivalents $83.68M $76.23M
Short-Term Investments
Other Short-Term Assets $2.159M $3.400M
YoY Change 42.89% 112.23%
Inventory
Prepaid Expenses
Receivables $4.061M $3.338M
Other Receivables $0.00 $0.00
Total Short-Term Assets $89.90M $82.98M
YoY Change -9.93% -19.48%
LONG-TERM ASSETS
Property, Plant & Equipment $4.480M $4.400M
YoY Change 7.93% 11.59%
Goodwill $3.903M $3.903M
YoY Change 0.0% 0.0%
Intangibles $3.430M $3.491M
YoY Change -7.94% -8.42%
Long-Term Investments
YoY Change
Other Assets $14.92M $15.10M
YoY Change -3.8% -3.61%
Total Long-Term Assets $28.43M $28.66M
YoY Change -3.25% -2.88%
TOTAL ASSETS
Total Short-Term Assets $89.90M $82.98M
Total Long-Term Assets $28.43M $28.66M
Total Assets $118.3M $111.6M
YoY Change -8.41% -15.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.396M $1.812M
YoY Change -36.46% 58.95%
Accrued Expenses $14.43M $7.600M
YoY Change 124.73% 24.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.722M $2.700M
YoY Change 1403.87% 1068.83%
Total Short-Term Liabilities $18.55M $12.16M
YoY Change 110.8% 62.95%
LONG-TERM LIABILITIES
Long-Term Debt $43.48M $42.20M
YoY Change 118.73% 113.77%
Other Long-Term Liabilities $9.007M $9.300M
YoY Change -9.26% -8.25%
Total Long-Term Liabilities $52.49M $51.50M
YoY Change 164.04% 160.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.55M $12.16M
Total Long-Term Liabilities $52.49M $51.50M
Total Liabilities $71.04M $63.64M
YoY Change 83.2% 69.54%
SHAREHOLDERS EQUITY
Retained Earnings -$429.1M -$401.6M
YoY Change 22.39% 16.71%
Common Stock $69.00K $65.00K
YoY Change 7.81% 1.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $47.29M $48.01M
YoY Change
Total Liabilities & Shareholders Equity $118.3M $111.6M
YoY Change -8.41% -15.79%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$27.45M -$15.79M
YoY Change -33.07% 73.67%
Depreciation, Depletion And Amortization $506.0K $510.0K
YoY Change -10.6% -54.79%
Cash From Operating Activities -$15.98M -$11.56M
YoY Change 247.21% 100.21%
INVESTING ACTIVITIES
Capital Expenditures $206.0K $10.47M
YoY Change -58.04% -11238.3%
Acquisitions
YoY Change
Other Investing Activities $2.000K $0.00
YoY Change
Cash From Investing Activities -$206.0K -$10.47M
YoY Change -58.04% 11038.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 23.64M 10.07M
YoY Change 41377.19% 2793.68%
NET CHANGE
Cash From Operating Activities -15.98M -11.56M
Cash From Investing Activities -206.0K -10.47M
Cash From Financing Activities 23.64M 10.07M
Net Change In Cash 7.454M -11.96M
YoY Change -247.98% 116.67%
FREE CASH FLOW
Cash From Operating Activities -$15.98M -$11.56M
Capital Expenditures $206.0K $10.47M
Free Cash Flow -$16.19M -$22.03M
YoY Change 217.79% 287.85%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Description of the Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">We are a biopharmaceutical company focused on the development, manufacture, and commercialization of products that address unmet patient needs, with current focus directed towards the treatment of pulmonary hypertension (“PH”). We operate through our wholly owned operating subsidiaries, Liquidia Technologies, Inc. (“Liquidia Technologies”) and Liquidia PAH, LLC (“Liquidia PAH”), formerly known as RareGen, LLC (“RareGen”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">We currently generate revenue pursuant to a promotion agreement between Liquidia PAH and Sandoz Inc. (“Sandoz”), dated as of August 1, 2018, as amended (the “Promotion Agreement”), sharing profit derived from the sale of Sandoz’s substitutable generic treprostinil injection (“Treprostinil Injection”) in the United States. Liquidia PAH has the exclusive rights to conduct commercial activities to encourage the appropriate use of Treprostinil Injection. We employ a targeted sales force calling on physicians and hospital pharmacies involved in the treatment of pulmonary arterial hypertension (“PAH”) in the United States, as well as key stakeholders involved in the distribution and reimbursement of Treprostinil Injection. Strategically, we believe that our commercial presence in the field will enable an efficient base to expand from for the launch of YUTREPIA upon final approval, leveraging existing relationships and further validating our reputation as a company committed to supporting PAH patients.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">We conduct research, development and manufacturing of novel products by applying our subject matter expertise in cardiopulmonary diseases and our proprietary PRINT® technology, a particle engineering platform, to enable precise production of uniform drug particles designed to improve the safety, efficacy and performance of a wide range of therapies. Through development of our own products and research with third parties, we have experience applying PRINT across multiple routes of administration and drug payloads including inhaled therapies, vaccines, biologics, nucleic acids and ophthalmic implants, among others.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Our lead product candidate is YUTREPIA for the treatment of PAH. YUTREPIA is an inhaled dry powder formulation of treprostinil designed with PRINT to improve the therapeutic profile of treprostinil by enhancing deep lung delivery while using a convenient, low resistance dry-powder inhaler (“DPI”) and by achieving higher dose levels than the labeled doses of current inhaled therapies. The United States Food and Drug Administration (“FDA”) tentatively approved our New Drug Application (“NDA”) for YUTREPIA for the treatment of PAH in November 2021. The FDA also confirmed that the clinical data in the NDA would support our pursuit of an amendment to our NDA to treat patients with pulmonary hypertension and interstitial lung disease (PH-ILD) upon the expiration of regulatory exclusivity in March 2024. <span style="white-space:pre-wrap;">We filed an amendment to our NDA to include PH-ILD as a labelled indication on July 24, 2023. The FDA accepted the amendment to our NDA and has set a Prescription Drug User Fee Act (PDUFA) goal date of January 24, 2024.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">We are also developing L606, an investigational, liposomal formulation of treprostinil administered twice-daily with a short-duration next-generation nebulizer, which we licensed from Pharmosa. L606 is currently being evaluated in an open-label study in the United States for treatment of PAH and PH-ILD with a planned pivotal study for the treatment of PH-ILD.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Risks and Uncertainties</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;margin:0pt;">We are subject to risks and uncertainties common to companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on third parties and key personnel, protection of proprietary technology, compliance with government regulations, and the ability to secure additional capital to fund operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">The current global macro-economic environment is volatile, which may result in supply chain constraints and elevated rates of inflation. In addition, we operate in a dynamic and highly competitive industry and believe that changes in any of the following areas could have a material adverse effect on our future financial position, results of operations, or cash flows: the ability to obtain future financing; advances and trends in new technologies and industry standards; results of clinical trials; regulatory approval and market acceptance of our products; development of sales channels; certain strategic relationships; litigation or claims against our related to intellectual property, product, regulatory, or other matters; and our ability to attract and retain employees necessary to support our growth.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="font-size:13.5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">Product candidates we develop require approval from the FDA and/or other international regulatory agencies prior to commercial sales. There can be no assurance that our product candidates will receive the necessary approvals. If we are denied approval, approval is delayed, or we are unable to maintain approval, it could have a material adverse impact on our business, financial position and results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="font-size:13.5pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">We rely on single source manufacturers and suppliers for the supply of our product candidates, adding to the manufacturing risks we face. In the event of any failure by a supplier, we could be left without backup facilities. Any disruption from these manufacturers or suppliers could have a negative impact on our business, financial position and results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p>
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LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
586000
CY2023Q1 lqda Revenue Interest Financing Agreement
RevenueInterestFinancingAgreement
32500000
lqda Revenue Interest Financing Agreement Issuance Costs
RevenueInterestFinancingAgreementIssuanceCosts
906000
lqda Revenue Interest Financing Agreement Amount Funded Under Second Tranche
RevenueInterestFinancingAgreementAmountFundedUnderSecondTranche
10000000
lqda Revenue Interest Financing Agreement Accretion
RevenueInterestFinancingAgreementAccretion
4054000
lqda Revenue Interest Financing Agreement Amortization Of Debt Discount
RevenueInterestFinancingAgreementAmortizationOfDebtDiscount
79000
lqda Payments On Revenue Interest Financing Liability
PaymentsOnRevenueInterestFinancingLiability
1000000
CY2023Q3 lqda Revenue Interest Financing Agreement
RevenueInterestFinancingAgreement
44727000
CY2023Q3 lqda Revenue Interest Financing Payable Current
RevenueInterestFinancingPayableCurrent
2615000
CY2023Q3 lqda Revenue Interest Financing Payable Noncurrent
RevenueInterestFinancingPayableNoncurrent
42112000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-2300000
lqda Maximum Net Sales Threshold As Basis For Payment Of Future Contingent Royalties
MaximumNetSalesThresholdAsBasisForPaymentOfFutureContingentRoyalties
1500000
lqda Net Sales Earned Relating To Payment Of Future Contingent Royalties
NetSalesEarnedRelatingToPaymentOfFutureContingentRoyalties
0
CY2023Q3 lqda Non Cancelable Future Commitment For Product Manufacturing Costs
NonCancelableFutureCommitmentForProductManufacturingCosts
4200000

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